Shares of technology companies fell amid concerns about rising Treasury yields.
“Higher risk free rates means lower price-to-earnings multiples for stocks,” said Eric Marshall, president of money manager Hodges Capital. “In addition to that, [the market has] already priced in a pretty meaningful decline in economic conditions looking out to 2023.”
The tech sector sported by far the richest price-to-earnings multiples before the historic spike in Treasury yields, making the sector particularly sensitive to moves in the yields.
Oracle agreed to pay more than $23 million to settle allegations it violated anti bribery laws for the second time, following a 2012 settlement, the Securities and Exchange Commission said.
Sam Bankman-Fried’s cryptocurrency exchange, FTX, won an auction for the assets of Voyager Digital with a purchase price of around $50 million, The Wall Street Journal reported.
Bitcoin prices continued to fall, as one of the most speculative assets took an outsized hit from the recent flight to safety.
Write to Rob Curran at rob.curran@dowjones.com
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